The US Department of Justice is conflicted about whether they should take Binance to the list of falters. It is one of the longest-running investigations, which started in 2018. It emphasizes the compliance management of the US and its anti-laundering laws. The evidence now shows the executives involved in this, along with the founder of the firm Changpeng Zhao. Some sources have made a proclaiming judgment based on current evidence, while some are still looking for more.
The crypto industry is in hot waters because of this scenario and its current economic decline. Therefore, if the investigation finds Binance faltered, it will reduce the firm’s grip on the industry. Moreover, it has already happened because of the shutdown of FTX, which is its rivalry.
The defence attorneys of the US law firm, Gibson Dunn, have had several meetings with the Justice Department professionals. Per the defence of Binance, the criminal prosecution will lead to a dangerous downturn in the industry that is already struggling.
Building the new task force
Binance has started building a team for itself to manage the ongoing law encircling. Binance launched its recruitment blitz just a few years back. The recruitment process took in around 5 former professionals of the IRS Criminal Investigation’s Cyber Crime Unit. This also includes the head of investigations, who is known as Tigran Gambaryan. The firm said that the company would look after compliance, crime prevention, and law enforcement. Binance has appreciated that they have been able to join hands with such renowned professionals. As per Binance, currently, they have a team of 300+ investigators.
Moreover, the firm has also recruited MLARS, the previous chief Kendall Day, to begin discussions and lead meetings with Gibson Dunn. However, till now, Day hasn’t made any comment regarding the developments.
